they just came out with the 2013 growth forecast for europe, an economy slightly bigger than the united states. they went from a plus 0.3% growth rate to minus 0.5%. the cbo said our underlying growth rate, all other things constant, our underlying growth rate has halved over the past decade from 4% to 2%. we're in a serious global growth compression period, and we need to pivot both in the united states and around the world to pro-growth reflationary strategies. >> jay, you reference that report, which i was looking at as well. what is the underlying growth rate, what does that mean exactly, and what can we do to bring it back up to the 4% where it was? >> essentially it means that the dynamics of the economy, the demographics, the productivity growth rate, the key things that drive economic growth are such that we have a 2% growth path in front of us in part because when you think about the '90s -- i know that was discussed earlier in the show -- we had a much bet demographic, kind the baby boomer bulge coming through. that boosted our potential growth rate. here we're on the other si